SimonCRE, a national commercial real estate acquisition and development company, announced that it is developing Village at Prasada, the West Coast’s first major power center in over a decade. Located in Surprise, Ariz., one of the fastest-growing suburbs of metro-Phoenix, Village at Prasada will bring more than 700,000 square feet of shops, a restaurant row, and entertainment venues.
Serving as a beacon for the retail industry’s upward trajectory post-pandemic, Phase One development of Village at Prasada will include over 330,000 square feet that commences construction in December 2021. Phase Two will add another 250,000 when construction commences in 2022. With foot traffic already trending above pre-pandemic levels, SimonCRE is poised to be at the forefront of the re-emerging power center concept.
Village at Prasada already has commitments for over 90 percent of the planned space, having executed leases with national retcailers such as TJ Maxx, HomeGoods, Marshalls, Ulta, PetSmart and Sprouts Farmers Market. There will also be a 61,000-square-foot entertainment concept with bowling and movies called FatCats.
“SimonCRE’s involvement in the master plan of this project was born out of a desire to not only address an unfilled demand for retail in Phoenix’s West Valley, but to be trendsetters by building something big and bold,” says Joshua Simon, CEO and founder of SimonCRE. “The decision to develop Village at Prasada was made along with our business model’s natural evolution into acquiring and developing more multi-tenant centers. This is only the beginning of what is to come.”
The continued acceleration of the region’s population growth is another reason SimonCRE is committed to challenging the status quo and leading this new wave of large-scale development. As the fastest-growing city in the United States, according to the Census Bureau, Phoenix grew 11.2 percent between 2010 and 2020, surpassing Philadelphia as the nation’s fifth-largest city. Confirming the national trend of migration to the Sun Belt cities, the population of the city of Surprise, located 25 miles northwest of Phoenix, alone grew 72 percent since 2004.
Village at Prasada will be the retail component for a 3,355-acre master-planned development, Prasada, that will bring medical services, hospitality, residential and employment to the community of Surprise.
SimonCRE is slated to complete about 600,000 square feet of retail space in the Phoenix market over the next 24 months, with more than 1.2 million square feet developing nationally at that time. Near future plans include the unveiling of more tenants at Village at Prasada, followed by significantly more development activity in the area.
SimonCRE is a full-service commercial real estate development and acquisition company that was founded in 2010 by Joshua Simon. The firm has developed and leased close to three million square feet across the United States. SimonCRE specializes in ground-up development, redevelopment, single-tenant build to suits, and multi-tenant building projects. The company has roughly 50 projects, totaling approximately $300 million in construction planned for 2021.